NM Insurance

Understanding Home Insurance Components

In New Mexico, home insurance will help protect homeowners from theft and some kinds of damages. An important part to understanding what is covered by NM insurance is understanding the various components that the coverage is comprised of.

  • The main structure often accounts for a large portion of the insurance allotment. This category will pay to repair or replace the building, and should be enough to cover labor and materials costs if full replacement is necessary.
  • Additional structures include outbuildings and decks. If structures are added to your home, they must also be added to your policy.
  • Personal belongings are covered by content. Some expensive belongings like jewelry and collectibles require a separate rider.
  • The liability portion of insurance will cover damages to an individual if they are harmed on your property or damages that may be caused on another persons property, including damages caused by a pet or child.
  • Loss of use coverage is used in the instance where a home is damaged and is being repaired or replaced. It pays for residential expenses during the construction of the new home.

NM insurance will help pay claims if you sustain losses on your property. Home insurance rates will vary depending on your location and the amount of coverage needed. Contact an insurance agency today for more information.